AGM statement: momentum maintained
In a statement to accompany today’s AGM, Mpac reports that the strong earnings momentum established in the second half of 2023 has continued into 2024. Accordingly, the Group is on track to meet FY24 market expectations, with the customary second-half earnings weighting.Following the AGM statement, our outlook is maintained. Our Fair Value of 530p/share is indicative of a FY24 EV/EBITDA multiple of 7.9x and PE of 13.9x. Compared to market cap weighted averages of 11.8x and 18.2x respectively for a group of Mpac peers, Mpac trades at a significant discount.
Mpac Group is focused on its Packaging Machinery business, Mpac Langen, which designs, precision engineers and manufactures packaging solutions, machinery and high specification automation, secondary packaging equipment and end-of-line robotics and at-line instrumentation and testing solutions as well as providing solutions including the design and integration of packaging systems.
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